Treasury auctions · 2-year note
How did the latest 2-year Treasury note auction go?
The last 2-year note auction, on , sold at a high yield of 4.787% with a bid-to-cover of 2.63.
High yield at each 2-year note auction
Bid-to-cover ratio at each 2-year note auction
Who bought each 2-year note auction: shares of the competitive bids accepted
The linesLatest:
- Indirect bidders57.8%
- Direct bidders29.0%
- Primary dealers13.2%
Each point is one auction; pointing at the chart shows its date and figures. The full results are under "The numbers behind the chart".
Select a line to followLatest:
Inspect and compare dates
The latest 2-year note auction beside the one before it and the nearest ones a year, five and ten years earlier.
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The high yield of 4.787% on 22 September 2026 was the highest for a 2-year note since 28 May 2024.
Its own history
Against the previous 24 2-year note auctions, the high yield was higher than all 24.
The primary dealers' share was higher than 20 of them.
Who bought
Indirect bidders took the largest share of the competitive bids accepted at the 22 Sep 2026 auction.
- Indirect bidders 57.8%
- Direct bidders 29.0%
- Primary dealers 13.2%
Size
Treasury offered $69 billion and sold $79.388 billion on 22 Sep 2026.
Next
Treasury has announced no 2-year note auction yet; its tentative schedule names these dates.
- Tentative
- Tentative
- Tentative
Understanding the 2-year note auction
Where it stands today
The high yield was 4.787% at the 2-year note auction of , with a bid-to-cover ratio of 2.63.
What do these figures measure?
The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.
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What these figures cannot tell
- Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
- The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
- Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
- Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.
The numbers behind the chart
How does the latest auction compare with earlier ones?Every measure, window by window
- High yield: Highest for a 2-year note since 28 May 2024 (26 auctions in between).
| Measure | This auction | Window | Higher | Lower | Median |
|---|---|---|---|---|---|
| Bid-to-cover ratio | 2.63 | Last 12 auctions | 6 of 12 | 5 of 12 | 2.64 |
| Bid-to-cover ratio | 2.63 | Last 24 auctions | 11 of 24 | 12 of 24 | 2.62 |
| Bid-to-cover ratio | 2.63 | Since 23 April 2008 | 145 of 211 | 63 of 211 | 2.73 |
| Bid-to-cover ratio | 2.63 | All 310 since 27 October 1999 | 165 of 310 | 140 of 310 | 2.65 |
| High yield | 4.787 | Last 12 auctions | 0 of 12 | 12 of 12 | 3.726 |
| High yield | 4.787 | Last 24 auctions | 0 of 24 | 24 of 24 | 3.928 |
| High yield | 4.787 | Since 23 April 2008 | 7 of 211 | 204 of 211 | 1.020 |
| High yield | 4.787 | All 544 since 23 January 1980 | 238 of 544 | 306 of 544 | 4.321 |
| Indirect bidders' share | 57.8 | Last 12 auctions | 3 of 12 | 9 of 12 | 56.8 |
| Indirect bidders' share | 57.8 | Last 24 auctions | 13 of 24 | 11 of 24 | 58.2 |
| Indirect bidders' share | 57.8 | All 211 since 23 April 2008 | 44 of 211 | 167 of 211 | 46.0 |
| Direct bidders' share | 29.0 | Last 12 auctions | 10 of 12 | 2 of 12 | 32.4 |
| Direct bidders' share | 29.0 | Last 24 auctions | 12 of 24 | 12 of 24 | 28.2 |
| Direct bidders' share | 29.0 | All 211 since 23 April 2008 | 19 of 211 | 192 of 211 | 17.2 |
| Primary dealers' share | 13.2 | Last 12 auctions | 1 of 12 | 11 of 12 | 11.3 |
| Primary dealers' share | 13.2 | Last 24 auctions | 4 of 24 | 20 of 24 | 11.4 |
| Primary dealers' share | 13.2 | All 211 since 23 April 2008 | 189 of 211 | 22 of 211 | 37.5 |
| High minus median, basis points | 4.9 | Last 12 auctions | 9 of 12 | 3 of 12 | 5.2 |
| High minus median, basis points | 4.9 | Last 24 auctions | 16 of 24 | 8 of 24 | 5.1 |
| High minus median, basis points | 4.9 | Since 23 April 2008 | 49 of 211 | 159 of 211 | 3.5 |
| High minus median, basis points | 4.9 | All 544 since 23 January 1980 | 72 of 544 | 467 of 544 | 2.4 |
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What were the results of every 2-year note auction?Page 1 of 3: 200 auctions, newest first
545 2-year note auctions with results since 23 January 1980; this page holds 200 of them, newest first.
Show 188 more rows
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When are the next 2-year note auctions?Treasury's tentative schedule, from its quarterly refunding
| Auction | Issue | Announcement | Settles |
|---|---|---|---|
| New issue | |||
| New issue | |||
| New issue |
What do the figures leave out, and how are they cited?Limits, dates and how to cite
Observed .
How to cite this
U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, through 22 September 2026. Compiled by 500metrics, "How did the latest 2-year Treasury note auction go?", https://500metrics.com/treasury/auctions/2-year-note.
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